Other Private Equity/Strategic Investments
French co. Groupe ADP sells 7.3% stake in GMR Airports for $1.08 B
Paris airport operator Groupe ADP is to sell 7.3% of its stake in GMR Airports to a vehicle linked to GMR’s founding family for EUR 924 million (USD 1.08 Billion). Citigroup acted as financial adviser to ADP on the transaction, while S&R Associates and Hogan Lovells served as legal advisers. Urban Strategic Pte was the strategic adviser.The agreement includes an initial sale of a 3.4% stake for EUR 256 million. ADP has secured a put option to divest an additional 3.9% for about EUR 285 million at a later stage. Separately, the GMR family’s investment vehicle will purchase convertible bonds worth EUR 301 million in face value, along with accrued interest.Groupe ADP will retain its co-promoter status and governance rights in GMR Airports. It plans to use the proceeds from this transaction for short-term deleveraging and to fund shareholder returns.Founded in 1996, GMR Airports designs, operates, and maintains airports, besides developing aerotropolises, retail services, and cargo handling and offering Maintenance, Repair, and Overhaul (MRO) facilities. It currently manages airports in Delhi, Hyderabad and Goa and internationally in Indonesia, the Philippines and Greece.
In Feb 2020, Groupe ADP acquired a 49% stake in GMR Airports Holdings for USD 1,500 M.
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